Author Topic: GameStop Can't Get Financiers To Accept Store Credit  (Read 526 times)

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benjipwns

  • Senior Member
GameStop Can't Get Financiers To Accept Store Credit
« on: January 30, 2019, 07:40:58 PM »
https://variety.com/2019/gaming/news/gamestop-just-gave-up-on-trying-to-sell-company-1203122042/

Quote
GameStop is no longer trying to sell the company due to a “lack of available financing on terms that would be commercially acceptable to a prospective acquirer,” it announced Tuesday.

The company didn’t lay out what that meant in terms of the future for the company.
Quote
In June 2018, GameStop’s Board and outside financial and legal advisors started a review of a “wide range of alternatives to enhance shareholder value,” the company said in Tuesday’s announcement.

“The Board undertook a comprehensive review process, including discussions with third parties regarding a potential sale of the company,” it wrote.

As part of that process, the company sold its Spring Mobile business. The sale, which was completed on Jan. 16 brought in about $735 million in immediate cash proceeds.

“The Board continues to evaluate the optimal use of these proceeds, which could include reducing the company’s outstanding debt, funding share repurchases, reinvesting in core video game and collectibles businesses to drive growth, or a combination of these options,” according to the statement. “Furthermore, the Board is continuing its search process to appoint a highly qualified, permanent CEO and is working with a leading executive search firm.”
:success
meowr

Olivia Wilde Homo

  • Proud Kinkshamer
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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #1 on: January 30, 2019, 09:22:02 PM »
They found out they could only get store credit.
8===D

kingv

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #2 on: January 30, 2019, 10:15:51 PM »
Still don’t really understand how GameStop continues to exist.

Like, they don’t have good prices... even on their used games. It’s like there is no reason to shop there.2

Kara

  • The P in MPL secretly stands for Petite Bourgeois
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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #3 on: January 30, 2019, 10:20:31 PM »
tfw you're a creditor but you can't get credit. :maf

Trent Dole

  • the sharpest tool in the shed
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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #4 on: January 31, 2019, 01:58:48 AM »
lol rip game store.
Hi

porkbun

  • Junior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #5 on: January 31, 2019, 08:09:52 AM »
Still don’t really understand how GameStop continues to exist.

Like, they don’t have good prices... even on their used games. It’s like there is no reason to shop there.2

That's why they are dying out and trying to rebrand themselves.  The flagship store at the Mall of America is now "GameStop Pop Culture" and over half of it is stuff like Funko Pops.

The only reason I've gotten anything from them in the last few years is because my work gives out gift cards as rewards and they actually had some decent prices on Genesis games, which I was able to order online.

If I need to get any games from this gen, I'll just go to Amazon or digital.  There's no need to deal with their terrible prices or pushy workers.

bork

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #6 on: January 31, 2019, 08:18:26 AM »
Still don’t really understand how GameStop continues to exist.

Like, they don’t have good prices... even on their used games. It’s like there is no reason to shop there.2

That would definitely be why they're doing so badly!  The two big factors have got to be the growth of digital sales affecting physical game sales in general and online retailers offering better prices and shipping options.  They can't do anything about the former but they certainly could try to do something in regards to the latter.  I don't go to Gamestop more than 1-2 times a year, if that, at this point, but I can't say that I've ever seen anyone looking at all the Thinkgeek-type stuff and toys they've carried.  People are interested in games and their selection just sucks now.  The stores generally look like outdated, nasty shitholes too, but it looks like they've recently done a little bit of renovation at some of them.

Maybe they should try scaling down the number of stores they have and try branching out to carry more 'limited run' type game releases (Best Buy is already doing this with some LRG games) and maybe some PC gaming stuff like graphics cards or something.  I don't think it's ultimately going to matter much in the end, though.  Digital game sales and online shopping in general are killing them. Combine that with their shitty policies and there's no reason to set foot in one of their stores.

You can't even buy stuff confidently from them online- the last time I ordered a new game that wasn't an exclusive release to them, I was sent a gutted, opened copy. Fuck that shit.
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bdoughty

  • Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #7 on: January 31, 2019, 09:08:23 AM »
That's why they are dying out and trying to rebrand themselves.  The flagship store at the Mall of America is now "GameStop Pop Culture" and over half of it is stuff like Funko Pops

Pretty much the same thing cluttering up the middle of the store I used to go to.  50% of the space dedicated to the whole "Think Geek" crap.   


Svejk

  • Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #8 on: January 31, 2019, 09:15:24 AM »
Only reason I went there over the holidays was to pick up a PSVR bundle and some Move controllers.  Being 80 yards from me, it was quicker than ordering online.  (Haven't been in one of the stores in a few years prior) 

Then they tried to sell me a 3ft MINI USB cable for $11.   :lol

kingv

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #9 on: January 31, 2019, 09:20:17 AM »
The thing that finally drove me digital was the end of GCU.

In the glory hole days of 2016, you could buy a game for $48 with a $10 reward certificate from Best Buy and trade it in for $40 in credit a week later. Back then I was rest playing the buy play and trade game heavily.

But in the last two years gcu ended, and trade prices have went down in general. So there’s just not as much reason to do it.

Also, digitally, the sales come a lot quicker today.

Yeti

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #10 on: January 31, 2019, 09:38:34 AM »
I haven’t been in GameStop in years. The last time I went I was just browsing and I saw Perfect Dark Zero at an all right price for a relatively newish game. The new version was only $5 more than the used so I took the empty slip over to the counter to purchase it. I watched as the clerk took a clearly opened case and then pulled out the drawer of used game discs and put the disc into the package.

“Uh, I wanted the new version”

“This is the new version!”

:crazy

“We do this with all of our new games!”

So I walked out and guess I never came back.
WDW

Joe Molotov

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #11 on: January 31, 2019, 10:22:56 AM »
The financiers could only offer them $12.50 for the company, it would have been $15 if they hadn't lost the USB cable.
©@©™

ToxicAdam

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #12 on: January 31, 2019, 12:43:21 PM »
I hope in my lifetime I see all the box retail stores fail. I want to see what that world looks like as I've only known this one.


Philip Cardgage

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #13 on: January 31, 2019, 12:46:19 PM »
The benefit of EB is that it collected all of the areas Weeaboos and culturally derelict people by offering them employment. With them gone, will they be the ones delivering my big sunday breakfast? Will they chat me up while we're waiting for my purchase to get approved? I've had enough of that buying games at their establishments.

benjipwns

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #14 on: January 31, 2019, 01:16:44 PM »
hey hey hey somebody accidentally moved this into gaming
meowr

Brehvolution

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #15 on: January 31, 2019, 03:34:55 PM »
Should have bought that prospective acquirer insurance.  :bolo
©ZH

bdoughty

  • Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #16 on: January 31, 2019, 03:44:12 PM »
hey hey hey somebody accidentally moved this into gaming


benjipwns

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #17 on: January 31, 2019, 04:31:36 PM »
Maybe they should try scaling down the number of stores they have
This reminds me of when they bought EB Games without really thinking through how many stores were sitting pretty much next to each other and they had no plan to figure out which ones to close and which ones to keep.

Once had a mall with a Babbages, Software Etc., Electronics Boutique and then a FuncoLand down the street. :lawd

Something similar happened in bookstores IIRC, with former GameStop parent Barnes and Noble at the center of that.
meowr

thisismyusername

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #18 on: January 31, 2019, 04:36:40 PM »
I haven't been in Gamestop in like five years beyond getting Steambux off Giftcards someone gave me for Christmas. The last time I've been in, ironically, is two weeks ago to get an X-box 360 pre-owned Falcon revision for like $30 because at that price point it was worth the gamble of RRoD for a sixth time. :doge

Them putting a bunch of Funkos up is kinda sad. I did see an Eevee plush I wanted (:supergay ) but it was like $40, so fuck that.

Great Rumbler

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #19 on: January 31, 2019, 04:43:56 PM »
Haven't bought anything from Gamestop in a long time. Either I buy digital, or get physical games from Amazon. About the only time I buy games anywhere else is when I buy used from conventions and local shops.
dog

Joe Molotov

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #20 on: January 31, 2019, 04:45:18 PM »
I go Gamestop all the time because they're the only b&m store that still carries Vita games, and prices are climbing on eBay. I have almost every NA retail Vita game at this point though, so farewell Gamestop.
©@©™

benjipwns

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #21 on: January 31, 2019, 04:45:24 PM »
wow didn't realize the 360s were so cheap :thinking

cheaper to get a E/S than a GBA based on the website :teehee
meowr

benjipwns

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #22 on: January 31, 2019, 04:50:15 PM »
Quote
Xbox System - Mountain Dew Limited Edition

Price: $349.99

On Sale: $295.95

Out of Stock
BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
meowr

Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #23 on: January 31, 2019, 04:52:46 PM »
I can't remember the last time I went to a Gamestop. Probably sometime during the early party of the PS3/360 generation.

My nephew works there, though, so hope they don't go out of business.
野球

bork

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #24 on: January 31, 2019, 05:46:50 PM »
hey hey hey somebody accidentally moved this into gaming

Sorry bud- looks like your Bore® Elite Post Pass™ expired today.  You'll need to spend $50 to join the most elite posting club on the planet™ once again!  Did you have anything you'd like to trade in towards this transaction?  Can I interest you in post protection™ for your reply?  It's only an extra $2.99!  Would you like to pick up any Joe Molotov® action figures™ while you're here?  Only $9.99!  Great Rumbler® Pips™ are way better than those dumb Funko Pops and are only $14.99!  And don't forget to pre-order your Demistation 5® today!
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bdoughty

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #25 on: January 31, 2019, 06:07:57 PM »
Forgot to greet potential customer properly in the reply.
Failed to push the used Demi Pips that are in stock and far more profitable.
No hardware warranty to protect his PC from being overcome by all the Henti and other crap that gets posted here.

3 strikes, you are now unemployed. Such is the Circle of Life!


benjipwns

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #26 on: January 31, 2019, 06:26:15 PM »
That reminds me, I'm not receiving my monthly print version of The Bire.
meowr

Stro

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #27 on: January 31, 2019, 07:53:06 PM »
The last time I went to Gamestop was probably about 4 years ago. I had a 360 Arcade that I had had since it released. It still worked but the drive was dying and it would often take like literally 30-40 times of putting the disc in before it would finally read. They had a deal on refurbs, so I went to get a new one, got it home, and the console was banned from Live :lol :lol

Taking it back with the :beli was the last time I've even fucked with them online.

Olivia Wilde Homo

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #28 on: January 31, 2019, 09:38:05 PM »
Yeah, them selling used shit as new was the breaking point for me as it happened several times. I can just wait a couple days for Amazon to ship me the game still sealed in shrink wrap if I’m going to pay full price for a game.  Fuck GameStop.
8===D

benjipwns

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #29 on: January 31, 2019, 10:07:20 PM »
The employees on GAF and stuff always defending it with "it's because of theft!!!"

 :idont
meowr

CatsCatsCats

  • Senior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #30 on: January 31, 2019, 10:12:03 PM »
Yeah that same thing was the last straw for me, as well. Also buying digital more
😽💨

porkbun

  • Junior Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #31 on: February 01, 2019, 08:46:00 AM »
That's such a fucking stupid reason.  What really pissed me off is when I bought something as "new" and then they put a huge sticker on it (as the "seal") that was basically impossible to remove without maiming the case.

Quote
My nephew works there, though, so hope they don't go out of business.

From what I've heard from former employees, unless he's in a corporate position, he'd probably be better off.  I hated having "feedback" from management when I refused to schill out the shitty store cards the (thankfully) few times I worked as a cashier.

Svejk

  • Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #32 on: February 01, 2019, 09:57:35 AM »
Shit was a total nightmare even before Electronics Boutique was bought up in the late 90's (when I worked there).  Glad I quit that job.

bork

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #33 on: February 01, 2019, 10:21:28 AM »
Shit was a total nightmare even before Electronics Boutique was bought up in the late 90's (when I worked there).  Glad I quit that job.

SWAP 4 LYFE

:respect
ど助平

bork

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #34 on: February 01, 2019, 10:25:16 AM »
I liked EB way, way more than Gamestop back in the day.  EB had some decent prices, better trade-in credit, and better selection than the Gamestop, Babbage's, and Software Etc. stores of the era.  I'd only stop going to EB if the clerk was a dickhead, which happened once or twice, and after a month or two they'd be gone anyway.  Shit went downhill when Gamestop bought up everything.

This also reminds me of how easy it used to be to return games without receipts 20+ years ago.  Used to go to Sam's Club and pick up a discounted new SNES game for $10-$20 and then bring it to Toys R' Us, who would take the games back and give us $60-$70 in credit since they were still selling the same games for full price.  :lol  Also recall buying a shitload of Super Ghouls N' Ghosts for $6-$7 each and trading them into EB towards a Playstation 1 since they were giving $10 in credit for all 16-bit games. 

The good ol' days of brick n' mortar stores.
 :aah
« Last Edit: February 01, 2019, 10:30:53 AM by bork »
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Svejk

  • Member
Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #35 on: February 01, 2019, 10:53:09 AM »
Shit was a total nightmare even before Electronics Boutique was bought up in the late 90's (when I worked there).  Glad I quit that job.

SWAP 4 LYFE

:respect
:mynicca

Yeah, I don't know if you remember my manager at the time.  Total bitch that cared of nothing of videogames.  I dreaded going into work then.  I even had customers flat out loud say "Your manager's a bitch, ya know that?"   :lol   Only good thing that came out of working there, was getting first dibs of the 1 copy of Panzer Dragoon Saga when it came in.   :doge

bork

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Re: GameStop Can't Get Financiers To Accept Store Credit
« Reply #36 on: February 01, 2019, 01:38:49 PM »
Shit was a total nightmare even before Electronics Boutique was bought up in the late 90's (when I worked there).  Glad I quit that job.

SWAP 4 LYFE

:respect
:mynicca

Yeah, I don't know if you remember my manager at the time.  Total bitch that cared of nothing of videogames.  I dreaded going into work then.  I even had customers flat out loud say "Your manager's a bitch, ya know that?"   :lol   Only good thing that came out of working there, was getting first dibs of the 1 copy of Panzer Dragoon Saga when it came in.   :doge

I do now that you brought her up.   :lol  I remember her being a total bitch to the employees and then coming up to me as if nothing had just happened and asking if I needed help with a big, fake smile.  I think it was Micah who said that she came from a lingerie shop or some shit, didn't know or care about games, had a history of fucking up stores, and they just kept moving her around instead of firing her because of an initiative to hire more female workers.
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